QUANTUM CORP /DE/ (QMCO) Company Report

Quantum reported Q3 fiscal 2026 revenue of $74.6 million, exceeding its forecasted range, and achieved positive adjusted EBITDA of $2.9 million, representing a sequential and year-over-year improvement.
The company completed a strategic debt exchange, reducing outstanding term debt by approximately 50% and converting $54.7 million of term debt into senior secured convertible notes.
Tape sales doubled quarter-over-quarter as customers pivoted to architectures reducing dependence on constrained components, contributing to a strong backlog of over $20 million at the end of Q3 2026.
For Q4 fiscal 2026, Quantum anticipates revenue of approximately $68 million ± $2 million and adjusted EBITDA of breakeven ± $2 million, citing industry-wide supply chain challenges, rising component prices, and extended lead times.

Feb 17, 2026, 10:00 PM

Transcript

Quantum Corporation Reports Q3 2026 Results Amid Supply Chain Headwinds

QMCO

Earnings

Guidance Update

Debt Issuance

Quantum Corporation reported Q3 fiscal 2026 revenue of $74.6 million and adjusted EBITDA of $2.9 million, both exceeding the high end of their forecasted range.
The company's non-GAAP net loss was $4.9 million, or $0.36 per share, reflecting improved revenue and reduced operating expenses.
Facing industry-wide supply chain challenges with rising component prices and extended lead times, Quantum provided a cautious Q4 fiscal 2026 revenue forecast of approximately $68 million ± $2 million and anticipates a non-GAAP adjusted net loss per share of -$0.33 ± $0.10.
Tape sales doubled quarter-over-quarter as customers pivot to alternative storage solutions, contributing to a strong backlog of over $20 million.
The company strengthened its financial foundation by reducing outstanding term debt by approximately 50% through an exchange for convertible notes.

Feb 17, 2026, 10:00 PM

Transcript

Quantum Corporation Reports Q3 Fiscal 2026 Results and Provides Q4 Outlook

QMCO

Earnings

Guidance Update

Debt Issuance

Quantum Corporation reported Q3 fiscal 2026 revenue of $74.6 million, exceeding the high end of its forecasted range, with a non-GAAP net loss of $4.9 million or $0.36 per share, and Adjusted EBITDA of $2.9 million.
The company exited Q3 with a backlog of over $20 million, which is significantly above its historical run rate of $8 million-$10 million, reflecting strong demand.
Quantum completed a strategic debt exchange during the quarter, issuing senior secured convertible notes in exchange for $54.7 million of term debt, reducing its outstanding term debt by approximately 50%.
For Q4 fiscal 2026, revenue is expected to be approximately $68 million ± $2 million, with non-GAAP adjusted net loss per share anticipated at -$0.33 ± $0.10 and Adjusted EBITDA at breakeven ± $2 million, due to caution regarding industry-wide supply chain challenges and component availability.
Tape sales doubled quarter-over-quarter as customers increasingly pivot towards architectures designed to reduce dependence on constrained components and deliver predictable economics for warm and cold data.

Feb 17, 2026, 10:00 PM

Transcript

Quantum Corporation Reports Fiscal Third Quarter 2026 Financial Results

QMCO

Earnings

Guidance Update

Debt Issuance

Revenue for Fiscal Third Quarter 2026 was $74.6 million, exceeding preliminary results and original guidance.
The company reported a GAAP net loss of $27.8 million or ($2.03) per share, and a non-GAAP adjusted net loss of $4.9 million or ($0.36) per share for the quarter ended December 31, 2025.
Non-GAAP adjusted EBITDA for the fiscal third quarter of 2026 was $2.9 million, an increase from $0.5 million in the prior fiscal quarter.
As of December 31, 2025, cash, cash equivalents and restricted cash totaled $13.8 million, with outstanding term loan debt at $54.6 million and a new convertible note fair valued at $75.9 million.
For Fiscal Fourth Quarter 2026, Quantum provides guidance of revenue of $68 million, plus or minus $2 million, and non-GAAP adjusted EBITDA at breakeven, plus or minus $2 million.

Feb 17, 2026, 9:05 PM

8-K

Quantum Reports Fiscal Third Quarter 2026 Financial Results and Provides Q4 2026 Guidance

QMCO

Earnings

Guidance Update

Debt Issuance

Quantum reported fiscal third quarter 2026 revenue of $74.6 million, exceeding preliminary results and guidance, with a non-GAAP adjusted net loss of $4.9 million (or ($0.36) per share) and non-GAAP adjusted EBITDA of $2.9 million.
For the fiscal fourth quarter 2026, the company projects revenue of $68 million (plus or minus $2 million), a non-GAAP adjusted basic net loss per share of ($0.33) (plus or minus $0.10), and non-GAAP adjusted EBITDA at breakeven (plus or minus $2 million).
As of December 31, 2025, Quantum's cash, cash equivalents and restricted cash totaled $13.8 million, and outstanding term loan debt was $54.6 million, with a new convertible note fair valued at $75.9 million after an exchange of term debt to improve the balance sheet.
CEO Hugues Meyrath highlighted that the strong Q3 performance was driven by a revitalized sales organization, restructuring initiatives, and reduced operating costs, noting increased pipeline and backlog due to demand for AI-ready infrastructure.

Feb 17, 2026, 9:05 PM

Press Release

Quantum Announces Preliminary Q3 2026 Financial Results

QMCO

Earnings

Guidance Update

Quantum Corporation announced preliminary unaudited financial results for its fiscal third quarter of 2026, which ended December 31, 2025.
The company expects revenue of approximately $72.7 million, exceeding the high-end of its guided range.
GAAP gross margin is anticipated to be approximately 38%.
GAAP operating expenses are expected to be approximately $28.1 million, while non-GAAP adjusted operating expenses are projected at approximately $26.9 million.

Jan 15, 2026, 1:42 PM

8-K

Quantum Announces Preliminary Fiscal Third Quarter 2026 Results

QMCO

Earnings

Guidance Update

Quantum Corporation (QMCO) announced preliminary unaudited financial results for its fiscal third quarter of 2026, which ended December 31, 2025.
The company expects revenue of approximately $72.7 million, which is above the high-end of its guided range of $67 million, plus or minus $2 million.
Preliminary results indicate a GAAP gross margin of approximately 38%.
GAAP operating expenses are estimated at $28.1 million, and non-GAAP adjusted operating expenses are approximately $26.9 million, which is within the provided guidance range.

Jan 15, 2026, 1:30 PM

Press Release

Grant & Eisenhofer Files Securities Class Action Lawsuit Against CIBC and RBC Regarding Quantum Stock

QMCO

Legal Proceedings

Grant & Eisenhofer P.A. filed a securities class action lawsuit on December 19, 2025, against the Canadian Imperial Bank of Commerce (CIBC) and Royal Bank of Canada (RBC).
The lawsuit alleges that the defendants engaged in "spoofing", a manipulative trading practice, to artificially deflate the price of Quantum stock.
The alleged manipulative conduct occurred during the Class Period from January 6, 2021, to October 15, 2025.
Investors who sold Quantum securities during this period and were damaged are part of the proposed class, with a deadline of February 20, 2026, to move the Court to serve as lead plaintiff.

Dec 22, 2025, 9:49 PM

Press Release

Quantum Corporation Completes Convertible Note Issuance and Shareholder Approvals

QMCO

Debt Issuance

Convertible Preferred Issuance

Proxy Vote Outcomes

Quantum Corporation issued 10.00% PIK Senior Secured Exchangeable Notes due December 18, 2028, with a principal sum of $54,718,114, to Dialectic on December 18, 2025. The initial conversion price is $10.00 per share, subject to quarterly resets with a $4.00 per share floor.
The notes are secured by all of the Company's assets and include covenants requiring minimum liquidity of $3.75 million by March 31, 2026, increasing to $7.5 million by Q4 2026 and each quarter thereafter.
Shareholders approved the issuance of these convertible notes, the issuance of notes for additional funds, and the issuance of common stock under a forbearance warrant at the Annual Meeting on December 16, 2025.
Upon full conversion of the notes and exercise of the forbearance warrant, the shares issuable to Dialectic would represent approximately 36.9% of the Company's issued and outstanding Common Stock.
The Company is required to retain Charles Hale as Chief Restructuring Officer (CRO) to evaluate cost savings and achieve positive EBITDA starting the fiscal quarter ended December 31, 2025.

Dec 18, 2025, 10:15 PM

8-K

Quantum Shareholders Approve Term Debt Exchange for Convertible Notes

QMCO

Debt Issuance

Proxy Vote Outcomes

Quantum Corporation (QMCO) shareholders approved the exchange of outstanding term debt for senior secured convertible notes at the Annual Meeting on December 16, 2025.
The transaction involves issuing convertible notes to Dialectic Technology SPV LLC in exchange for approximately $55 million of term debt.
This exchange is expected to eliminate approximately 50% of Quantum's outstanding term loan debt, contributing to a total debt reduction of $140 million from its peak in 2020.
The Convertible Notes will mature on the third anniversary of closing, carry a 10% per annum interest rate, and have an initial conversion price of $10.00 per share, which will not be reset below $4.00 per share.